Nigeria in 1min: Economic, Business and Financial Headlines - 240620

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Wednesday, June 24, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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COVID-19 Health Updates

  • On the 22nd of June 2020, 675 new confirmed cases and 7 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 20919 cases have been confirmed, 7109 cases have been discharged and 525 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 675 new cases were reported from 21 states- Lagos(288), Oyo(76), Rivers(56), Delta(31), Ebonyi(30), Gombe(28), Ondo(20), Kaduna(20), Kwara(20), Ogun(17), FCT(16), Edo(13), Abia(10), Nasarawa(9), Imo(9),Bayelsa(8), Borno(8), Katsina(8), Sokoto(3), Bauchi(3), Plateau(2). Source NCDC Read More


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PROSHARE ECONOMY 

Coronanomics (18) - Selected Sub-Nationals: The Different Faces of Trouble and Redemption - Lagos state's economy is service-driven. Economic activities in the state can be classified in an unconventional manner of a Night economy, Marine economy, Service Economy and Faith-based economy. Lagos State derives a majority of its revenue from sub-national taxes. The biggest piece of the state's revenue pie is its PAYE (Pay As You Earn) Tax. Source Proshare Content Read More

All Commodity Group Import Index Decreased By 0.84% in Q1 2020 - The All commodity group import index decreased by 0.84%. This was driven by a fall in the prices of Plastic, rubber and articles thereof, Articles of stone, plaster, cement, asbestos, mica, ceramic and Footwear, headgear, umbrellas, sunshades, whips etc. Source NBS Read More

Governance Beyond COVID-19: Back to Kwara - This year, there was some feeling of nostalgia about May 29 as Nigeria's Democracy Day. When a few persons called me to ask if there were special plans for Democracy Day on May 29, I had to remind them that Democracy Day was now June 12. On June 6, 2018, President Buhari proclaimed June 12 as the new Democracy Day. Source OpEd by Reuben Abati Read More 

Optimism Has Returned To Oil Markets - OIR 230620 - Oil prices continue to rise with WTI moving above $41 per barrel in early trading on Tuesday. There is a growing sense of optimism and bullishness among analysts, even as pitfalls remain. Source Tom Kool of Oilprice Read More

Liborous Oshoma To Speak on The Unfolding Developments Ahead Of EDO 2020 Guber Elections - Mr Liborous Oshoma is a Nigerian Lawyer and  Head Attorney at the Liborous Oshoma Chambers. He also serves as the Group Company Secretary for Roda Commercial Ventures Limited. Source WebTV Read More


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PROSHARE MARKETS 

Investors Lose N2.02bn as NSEASI Dips Marginally by -0.02% Amid Improved Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.02% to close at 24,750.06 points as against -0.29% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.79%. Source Proshare Markets Read More

Fixed Income Quarterly Q2 2020: Few Places to Hide - The international landscape has deteriorated severely this year because of Covid-19, and Nigeria's prospects have been further clouded by the crashing oil price. All forecasts are subject to a wide margin of error, given the unpredictability surrounding the virus. We do not think the Fed funds rate will enter negative territory: that said, the consensus on the FOMC is for no change in rates either next year or in 2022. Source FBNQuest Research Read More

Domestic and Foreign Portfolio Participation in Equity Trading - May 2020 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 May 2020, total transactions at the nation's bourse decreased by 7.40% from N128.67billion (about $332.22million) in April 2020 5 to N119.15billion (about $307.32million) in May 20206. Source NSE Read More 

New Week, Same Song: Bulls Continue The Stampede For Bonds - The bulls raced out the gates with demand seen across the benchmark bonds in the first trading session of the week, as investors continue to cover up for bids lost at the primary market auctions (FGN Bond and Sukuk). Bonds within the 20- to 30-year bracket were the most traded papers in the fixed income market as investors scrambled for offers on the most attractive yields on the curve. Source Zedcrest Capital Read More


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PROSHARE BUSINESS

Nigeria Fully Supports a Monetary Union With The Right Fundamentals - Buhari - It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It's a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion. Source Muhammadu Buhari Read More

Flight Simulation Holds Saturday, FG Gets Restart Plan Wednesday - The Federal Government on Monday said it would carry out a simulation trial of domestic flight operations at the Murtala Muhammed Airport in Lagos on Saturday as it prepares to reopen the country's airspace to commercial flights. Source Punch Read More 

Discos Should Be Audited Before Siemens Deal - Council - The National Economic Council has said there is an urgent need for technical and financial audits of the electricity distribution companies in the country before interventions by Siemens, World Bank and others. Source Punch Read More 

FRC Sets Timeline for Compliance with Corporate Governance Code - The Financial Reporting Council of Nigeria (FRC) has released timeline for organisations to comply with the Nigerian Code of Corporate Governance (NCCG) 2018. The council disclosed this in a statement posted on its website. Source THISDAYLIVE Read More

Airports Concession: Sirika Receives Certificates of Compliance from ICRC - The federal government's plan to concession its four international airports received a boost on Tuesday as the Minister of Aviation, Senator Hadi Sirika, received the Outline Business Case Certificate of Compliance for the concession of Lagos, Abuja, Port Harcourt and Kano International Airports from the Infrastructure Concession Regulatory Commission (ICRC). Source THISDAYLIVE Read More

Credit To Economy Rises 10% To N39trn In 5mths - Credit to the economy rose by 10.1 percent or N3.5 trillion in five months to N39.1 trillion in April 2020 from N35.5 trillion in November last year. Source Vanguard Read More

Mnuchin says U.S.-China decoupling will occur if firms cannot compete fairly - U.S. Treasury Secretary Steven Mnuchin said on Tuesday that a decoupling of the U.S. and Chinese economies will result if U.S. companies are not allowed to compete on a fair and level basis in China' economy. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Steady Rise in Internet Subscription; Stood At 138.3m in April 2020 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 138.3 million in April, representing y/y growth of 16%. The figure implies density of 70% in a population estimated at 198 million, placing Nigeria well above the African average of around 16% as indicated by McKinsey.  Source FBNQuest Research Read More


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PROSHARE FINANCE 

Matthew Azoji , MD Of Neimeth Pharmaceutical To Speak Tomorrow On WebTV - Mr Azoji graduated from the Obafemi Awolowo University, Ile-lfe, Osun State, where he obtained his B. Pharm (First Class Honours). He went on to obtain an MBA (Marketing) from the Enugu State University of Science and Technology, Enugu, and an Advanced Management Programme (AMP) from the Lagos Business School; Pan Atlantic University, Lagos. Source WebTV Read More


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